Kim Tae-nyeon: "Real Estate Legislation Must Be Completed in the July Extraordinary Session"

Kim Tae-nyeon, floor leader of the Democratic Party of Korea, is attending the Supreme Council meeting held at the National Assembly on the 27th and delivering an opening remark. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kang Nahum] Kim Tae-nyeon, the floor leader of the Democratic Party of Korea, stated on the 27th, "We will definitely complete real estate legislation in the July extraordinary session of the National Assembly to realize stable housing for the people."

At the Supreme Council meeting held at the National Assembly that day, Floor Leader Kim said, "The amount of money circulating in the market has exceeded 3,000 trillion won. We must prevent the side effects of excessive liquidity driving up real estate prices and create productive investment destinations."

He continued, "We can no longer neglect the reality where houses have become speculative tools, and ordinary citizens without homes and future generations cannot dream of stable housing." He added, "In this extraordinary session of the National Assembly, we will prioritize the legislation to strengthen the comprehensive real estate tax, capital gains tax for multi-homeowner corporations, and the three lease laws as top livelihood tasks."

Floor Leader Kim also announced measures against speculative real estate purchases by foreigners in Korea. He pointed out, "There are growing concerns about speculative real estate purchases by foreigners recently. Although Korea's real estate taxation does not differ significantly between nationals and foreigners, countries like Singapore, Canada, and New Zealand impose higher tax rates or regulate housing purchases to block foreign speculation."

He added, "The Democratic Party and the government's determination to eradicate speculation and stabilize the real estate market is unwavering. Together with the government, we will closely monitor foreign real estate purchases and prepare countermeasures by referring to overseas cases." He also stated, "During the National Assembly's deliberation process, we will thoroughly prepare against market disruption acts that exploit legal and institutional loopholes."

This content was produced with the assistance of AI translation services.